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Underwhelming

That's how I would describe the latest BOT presentation: Underwhelming.

Yes, we sharehollders have no idea what's going on at the companay level, in fact, all we get is history. But, given that they had all this extra time available to them, there seems to be a disconnect between their promises and their achievements. And it looks like the market agrees.

Let's look at the recent past:

September 2023 - FDA applroval expected, but not granted due to a coouple of issues with the instruction sheet. The company said: That's actually okay because we don't want to lauch across Christmas when there will be extra salary expenses for us and it will be winter. We will go for July and hit the ground running then.

Next FDA approval date was July 2024. BOT spent its time correcting everything to the FDA requirements and "putting all the pieces into place".

July 2024 - FDA approval granted. Immediately a cash raising was announced, and this stifled any possibility of share price growth. If they had let the share price jump then, they would have had to issue fewer new shares to raise the same amount of capital. Yes, there is a risk in that approach, but everything conatains risk.

$70 million raised.

Spetember 2024 - BOT presentation where we learn that all the pieces are still being collected and put in place. There is now a patient experience programme. Someone has recounted the potential market numbers and decided that it is actually double the original estimate. BUT we are now a year behind the original date when FDA approval had been expected.

SO yes, I have been progressively selling off my BOT shares (generally to pay for life experiences for the family) and will put the rest in the drawer. I don't expect too much before that quarterly results in April 2025. 

But then I feel that shareholder patience will be handsomely rewarded.

Could the whole process have been handled better? Possibly. But as I said earlier, I am not privvy to the day-to-day operational activities of the company. And hindsight is a wonderful thing.

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